EIB agrees 100m for 128MW Packistan hydro project

The European Investment Bank (EIB) is providing a 100m long-term loan to Pakistan to finance the construction of the 128MW Keyal Khwar Hydropower project.KWF would offer financial support for the project, a statement from the EIB said, The Technology Times Reported.Alvarez, who is in charge of the EIB’s operations in Asia, said, “The  EIB is committed to support the investment in renewable energy and helping countries around the world reduce carbon emissions.At the same time the EIB is pleased to be able to support Pakistan in this important sector, addressing the increased demand of energy in the country.” The investment will provide a clean and reliable supply of electric power contributing to climate change mitigation, which is a fundamental goal of the EU, he maintained.This is the fifth project supported by the EIB in Pakistan. Since it began lending in Asia in 1993, the EIB has provided more than 5.1 billion on long-term basis.